Australia set for small business boom, with younger and more diverse founders to start 3.5 million new businesses by 2031

April 26th, 2022 – Australia is projected to gain 3.5 million new small business by 2031, with a massive influx of construction, professional services, and transportation firms helping to add $60 billion to the annual GDP in a decade’s time.

A new report from accounting and business services software provider Xero, released Tuesday, states a pandemic-era boom in new business signups, technological progress, and a younger, more diverse class of entrepreneurs will support a million new jobs by 2031.

Those new firms are slated to provide 3% to the national GDP in 2031, the report states.

Best-case conditions could see as many as 4.2 million new small businesses registered over the decade, Xero says, further boosting the economic impact of those fresh ventures.

More…https://www.smartcompany.com.au/finance/economy/small-business-boom-xero-younger-diverse-founders/

Written by Smart Company